Evergreen Ultra Short Class Action Suit Filed
Following last week’s announcement that Wachovia’s Evergreen Ultra Short Opportunities Fund will be liquidated after losing approximately 20% this month, several lawsuits have already been filed seeking class action status. Although many investors think that the only way to recover their losses is through a class action lawsuit, the financial fraud lawyers at Saiontz, Kirk & Miles, P.A. recommend that individuals who lost over $10,000.00 pursue an individual Evergreen Ultra Short arbitration lawsuit.
The Evergreen Ultra Short Opportunities Fund (EUBAX, EUBBX, EUBCX and EUBIX) is a bond mutual fund which was sold as an alternative to money market funds. Investors were told that the fund was designed to provide current income while preserving the capital. However, as a result of heavy investments in risky mortgage-backed securities, investors have seen their principal decline substantially over the past thirty days.
One Evergreen Ultra Short Fund class action lawsuit has been filed in the United States District Court for the District of Massachusetts seeking to represent all investors who acquired shares in the Fund within the past three years. The class action suit alleges that Evergreen Investments violated the Securities Act by making materially false and misleading statements.
In most investment fraud cases, investors are placed in a better position to recover a larger portion of their investment losses through an individual arbitration claim, and are often able to obtain a recovery in a much shorter amount of time. Investors who do not participate in the Evergreen class action suit will be able to make an unsuitability claim, based on the circumstances of their particular case. They will also have control over their case, instead of having their case focus on a class representative, whose interests may differ from individual investors.
The Evergreen Ultra Short Fund lawyers at Saiontz, Kirk & Miles, P.A. are reviewing potential cases throughout the United States for investors who lost over $10,000.00. To have a claim reviewed and to discuss the benefits of arbitration over participation in an Evergreen Ultra Short Class Action lawsuit, request a free consultation.
